《The Big Short》 Protégé Steve Cautious About SpaceX IPO, Calling It Overly Leveraged on AI and With Excessive Capital Expenditure

BlockBeats News, June 9th - Steve Eisman, known for successfully shorting the US real estate market and the prototype character in "The Big Short," stated that he would not short SpaceX immediately after its IPO but remains cautious about its IPO prospects.

Eisman pointed out that SpaceX's capital expenditure is rapidly expanding. Data shows that the company's capital expenditure as a percentage of revenue has increased from 42% in FY 2023 to 215% in the first quarter of 2026. He believes that this is mainly due to SpaceX accelerating its transformation into an AI services and infrastructure company, rather than just a space technology company.

Eisman stated that currently, AI large models and intelligent body products lack significant differentiation, and industry competition is becoming more homogeneous, making it difficult to form a long-term moat. "What is created with vast amounts of capital is essentially more like a commodity," he said.

Although he acknowledges Musk's ability for continuous innovation and navigating cycles, Eisman still believes that SpaceX's future growth logic overly relies on AI rather than its space business or Starlink. "The entire future of the company is bet on AI, not on the space business, nor on Starlink," he said.